Business News

Consumer borrowing up, card debt down

Published: Nov. 7, 2012 at 4:57 PM

WASHINGTON, Nov. 7 (UPI) -- Consumer borrowing rose in the third quarter but credit card debt dropped, the U.S. Federal Reserve said Wednesday.

The Fed said non-revolving credit -- which includes auto loans, personal loans and student loans -- rose 6.6 percent. Revolving credit, which includes lines of credit and credit cards, fell 1.6 percent.

The third quarter ended Sept. 30 with total consumer debt at $2.737 trillion -- $1.885 trillion in non-revolving debt and $852 billion in revolving debt.

In total, consumer credit rose at an annual rate of 4 percent in the third quarter, the Fed said.

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